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Guide to Home Equity Loans
Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house. Another term for a home equity loan is a mortgage or second mortgage. Home equity loans are also known as equity release schemes.
You are borrowing on what your house is worth. If your house is paid off, the term is "mortgage" and if your house is not paid off but has equity, the term is called a "second mortgage". For ease of understanding however, this article will refer to these loans as Home Equity Loans.
A home equity loan is a second loan that you take out on your home in addition to your mortgage. This is also called a second mortgage. This enables you to tap into your equity to get cash without refinancing your first mortgage. Many people think that the only way to access this cash is to sell their homes. The reality is that you can take out home equity loans to free it up without having to move at all!
Equity is the difference between the amount you owe on your current home mortgage and the current value of your home. Lot of finance companies today offer good deals on home equity loans, letting you borrow money based on the available equity on your home.
This can be explained further, suppose you sold your home, you will be left with a certain amount of money after paying off your mortgage, which would mean actual cash in your pockets. A home equity loan allows you to get that cash without having to actually sell your home or property.
The amount you can borrow is determined by taking a percentage of your home's appraised value and subtracting the balances of any outstanding mortgages. A home equity loan is fairly easy to get, if you are a homeowner. Some home equity loan companies will allow you to borrow up to 125% of what your house is worth at the current market prices, less the amount that you owe on your mortgage.
A home equity loan is usually a one-time loan, which is paid out in a lump sum. A home equity loan can be used for anything and is usually a fixed interest rate loan.
The cost of the loan will depend on many factors including your personal circumstances, the amount you wish to borrow and over what period you wish to repay back the loan.
Some good uses for home equity loans include debt consolidation, buying of a new car, home improvement, emergency medical expenses or luxury holiday.
People with poor credit ratings will find a Home Equity Loan more easily accessible to them because the lender is taking a lot less risk as the loan is secured against their home.
A Home Equity Loan will usually mean that you get better interest rates on the loan, but you should always remember that your house is at risk if you fail to repay the Home Equity Loan.
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
More Useful Resource and Updates on area ca california home in loan luis mortgage obis
- Lower mortgage rates spur refinancing (San Diego Union-Tribune)
The housing market may finally be getting some much-needed relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.
- Countrywide will refund millions in N.C. (The Charlotte Observer)
(By Christina Rexrode, crexrode@charlotteobserver.com) Mortgage lender Countrywide Financial Corp. will refund $11.5 million to 4,800 N.C. homeowners under a settlement with the state banking commissioner, the commissioner's office announced Thursday. The bank commissioner's office says that Countrywide levied unspecified ?illegal charges? on those homeowners, most of whom were borrowing for a ...
- Are sweeping changes coming for mortgage finance? (Merced Sun-Star)
WASHINGTON - Adding to a mounting chorus in the nation's capital that the Bush administration must do more to reverse the nationwide housing slump, Federal Reserve Chairman Ben Bernanke on Thursday spelled out several aggressive steps that government could take to fix the main cause of the recession.
- Bernanke calls for more help to fix home mortgage crisis (The Sacramento Bee)
WASHINGTON ? Adding to a mounting chorus in the nation's capital that the Bush administration must do more to reverse the nationwide housing slump, Federal Reserve Chairman Ben Bernanke on Thursday spelled out several aggressive steps that government could take to fix the main cause of the recession. "Despite good-faith efforts by both the private and public sectors, the foreclosure rate ...
- Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
- Proposal could drop mortgage rates to 4.5 percent (The Monterey County Herald)
Mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.
- Interest rates fall; economist disagree of effects (The Press-Enterprise)
A plunge in mortgage interest rates has triggered a burst of applications for refinancing that real estate industry analysts hope will fuel home sales and lead to a housing recovery.
- Rate drops are of little help to many in California (Los Angeles Times)
They've fallen to about 5.5%, but restrictions on Fannie and Freddie leave those with jumbo loans or who owe more than their homes' values to face much higher costs. Home loan rates are near their lows for the year, reflecting optimism over government efforts to help the housing markets, but analysts see little help for the worst-off borrowers and people with jumbo mortgages.
- Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news
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